Nischal Shetty, founder of Indian crypto exchange WazirX, has announced plans to expand the company's operations by exploring the creation of a decentralized platform (DEX).
The move comes after the exchange lost around $235 million in user funds following a hack in July 2024, prompting concerns about the security of centralized platforms.
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The proposed DEX would eliminate the risk of third-party intervention and give users full control over their assets.
In addition, Shetty has revealed his intention to launch a DEX token for commissions and governance.